Buying or selling company assets? Use this Asset Purchase Agreement to finalize the terms of the transaction.An APA spells out the conditions and terms under which a seller will transfer all of the assets that belong to the business to a buyer. Take advantage of our free Asset Purchase Agreement template that you can download in Word or PDF. An asset purchase agreement is a legal document used when buying or selling a small business. Read on to understand the basics. Establish terms for sale and purchase of an asset.